Gold prices soar as US Dollar eases
DSIJ Intelligence / 22 Jun 2017
As investors evaluated the impact of hawkish Federal Reserve policy on the economy, the US Treasury yield curve flattened to almost 10 year low on Wednesday.
On easing of the US dollar on Thursday, the gold prices soared and flattened US treasury yields which was at their lowest in nearly a decade.
Spot Gold soared 0.5 % to USD 1,251.91 per ounce. In the previous session it soared to 0.3%.
US Gold Futures for August delivery gained 0.6% to USD 1,253.10 per ounce.
As investors evaluated the impact of hawkish Federal Reserve policy on the economy, the US
Treasury yield curve flattened to almost 10 year low on Wednesday.
Dollar slipped from 1-month peak against a basket of currencies on Wednesday as losses on Wall Street stocks spurred investors to book profits on gains with the expectation of possible U.S. interest rate hike later this year.
SPDR Gold Trust, the world’s largest gold backed ETF told its holdings surged to 0.04% to 853.98 tonnes on Wednesday.
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